Party Poker and income taxes

[Nuanes]

I know that Party Poker is not located in the United States. I would like to know if they file a 1099 form when I U.S. resident has winning for a particular year. It seems to me that since they are outside of the U.S. that they would not be filing any 1099's.

Thanks for any info.

Correct me if I'm wrong, but I think it's safe to say that no business is going to do any paperwork that's not absolutely required by law--since they're off-shore, they are not subject to US laws /images/graemlins/smile.gif.

[Nuanes]

Thanks for the reply to my question. Considering I only got one reply I think that tells me all I need to know.

The response is pretty much what I had assumed. It would not make any sense for a non-U.S. company to be putting out any 1099's.

Thanks.

[Pokeraddict]

Party doesnt have your SSN right? Without your SSN there is no way to file 1099.

[Cubswin]

They dont file a 1099 but that doesnt mean there is no paper trail if you do get audited. You will still have to justify the money coming and going via EFTs transfers.

cubs

[BigBaitsim (milo)]

You never know where your future will bring you or what the gov't will do about poker in the future. Right now it is probably legal and you are probably safe playing. Tax evasion is, however, a federal offense and your winnings are easily traced.

Pay your taxes.

[Sidekick]

As a further cautionary word.

The U.S. government is a big business. They don't tend to notice us little people, until we do things that draw their attention.

One of the things that really draws the attention of the government is unexplained affluence. The government gets really annoyed when you don't pay your taxes. They can get pretty petty about it... just ask Al Capone. The IRS doesn't have to prove things the way the rest of the government does.

Play it smart and declare your income on your taxes.